Delhi, India – Tech magnate Elon Musk has revealed plans to visit India for a meeting with Prime Minister Narendra Modi, signaling potential major investments in the country. The Tesla CEO made the announcement on his social media platform X, formerly known as Twitter, without specifying a date for the visit.
In recent months, India has decreased import taxes on electric vehicles for global automakers committing to investing a substantial amount and initiating local production within a specified timeframe. This move aligns with Musk’s previous concerns about high import duties hindering Tesla’s entry into India, a market known for its rapid economic growth.
Sources indicate that the meeting between Musk and Modi is scheduled to take place at the Prime Minister’s official residence in New Delhi during the last week of April. Discussions are expected to revolve around Tesla’s potential manufacturing plans in India, highlighting the country’s appeal as a manufacturing hub for global companies.
Tesla’s expansion into India comes at a crucial time for the company as it grapples with declining sales in key markets like the US and China. Musk’s visit coincides with India’s ongoing six-week-long elections, with Modi’s Bharatiya Janata Party (BJP) anticipated to secure a third term in power. An investment announcement from Tesla during this period could further bolster Modi’s pro-business image and attract more foreign investment to the country.
The upcoming meeting between Musk and Modi follows their previous encounter in New York last year, where discussions on significant investments in India were initiated. As Tesla aims to establish a foothold in India, the company faces challenges in the form of increased competition and shrinking demand in key markets, leading to price cuts and a decline in stock value.
Overall, Musk’s visit to India signifies a strategic move by Tesla to tap into the country’s growing market potential while also bolstering Modi’s economic agenda. The outcome of the meeting could have far-reaching implications for both parties, shaping the future of electric vehicle manufacturing in India and enhancing bilateral economic ties.